Ross Stores Formed a Bearish Engulfing Candle
Published on Sunday, 17 February 2013 02:39 Written by TradersHuddle Wire
New York, February 17th (TradersHuddle.com) - Shares of Ross Stores, Inc. (NASDAQ:ROST) ended the trading session higher by $0.25 or 0.41% from its previous close. Ross' price action formed what is considered to be a bearish engulfing candlestick chart pattern.
Ross Stores, Inc. (NASDAQ:ROST) operates a national chain of off-price retail apparel stores. The stores offer brand-name apparel, apparel-related merchandise for the entire family, fragrances, gift items, and linens for the home.
Ross' current stock range is determined by calculated support defined at $52.01 and by the resistance level at $62.07, which should be used by traders planning their next move.
If traders want to establish a position in Ross Stores, they need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal in the current price action. The Bearish engulfing pattern is a leading warning sign; therefore, traders should closely monitor Ross Stores for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration:
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